Compensating employees is one of the key concerns facing any business owner/manager today. Retirement plans have long been part of the compensation package. But, changes in the tax laws, and the increasing expectations of workers have combined to make qualified retirement plans a critical part of your business. At Incentive Benefits, we understand this.

Existing Corporate Retirement Plans
If you have an existing retirement plan, we can review the plan for all of the 404(c) compliance items including the most recent changes in the Employee Retirement Income Security Act of 1974 (ERISA), Department of Labor (DOL), and Internal Revenue Service (IRS) codes. After our review, we work with the Administrative and Investment Committee (AIC) to install the necessary procedures and safeguards to limit contingent liability risk
to the plan sponsor.
During our evaluation of the plan itself, we also focus on ways to reduce plan administration expenses, increase service benefits, improve compensation for valued employees, expand current plan features, streamline employee communication, and maximize the benefits to key employees.

New Corporate Retirement Plans
Few plan administration companies have our level of experience in reviewing the often subtle differences between the various corporate-sponsored defined contribution and defined benefit retirement plans. We have hundreds of retirement plan solutions available for the corporate sponsor. Our team prepares comparative data detailing both benefits and expenses for a number of retirement plan solutions prior to recommending the optimal plan for each business.

Once a plan type and structure has been identified, we create the plan documents
required by the IRS taking into account plan features such as: eligibility and vesting, contribution/deferral options, and other customized plan design options. Frequently,
unique businesses require unique solutions that require special handling. This is normal, and a specialty of Incentive Benefits. Once the plan has been filed, we begin our efforts
to maximize the effectiveness of the plan.

Our plans are designed to help the plan sponsor:

• Accumulate the maximum retirement benefit possible at the lowest cost
• Reward key employees
• Reduce the tax burden on the business
• Reduce the effort necessary to attract and retain high quality employees

On-Going Plan Administration
Incentive Benefits Inc. is full service administrative and actuarial provider for our clients.
We perform all required plan testing including ADP and ACP discrimination tests for defined contribution plans, and in cases where a plan is top heavy, we provide a number of service solutions and recommendations.
Our continuous, seamless service includes processing participant loans, hardship withdrawals and distributions. Our team of admin­istrators draft all loan documents and amortization schedules for the plan sponsor and produce timely, signature ready IRS Form 5500 reporting documents at plan year end.
In the event of an IRS audit, Incentive Benefits, Inc. is ready and able to conduct the audit defense.

Types of Plans We Handle
We administer all qualified plans currently approved by the IRS,
with the exception of 403(b) Annuity (TDA) Plans.

Defined Benefit Plans
Cash Balance Plans
• Defined Contribution including:
    - Profit Sharing Plans
    - Money Purchase Plans
    - 401(k) Plans
    - Employee Stock Ownership Plans



 

 
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© 2011 Incentive Benefits, Inc.